77WRefund of depot licence charge on cancellation of a depot licence on request

77W  Refund of depot licence charge on cancellation of a depot licence on request  (a) a depot licence is cancelled under subsection 77VC(2) before the end of a financial year; and  (b) the person or partnership (the former holder) who held the licence before its cancellation has paid the depot licence charge for that financial year; the former holder is entitled to a refund of an amount worked out using the formula in subsection (1A).  (1A) For the purposes of subsection (1), the formula is:  where: annual rate means the amount of $4,000, or, if another amount is prescribed under subsection 6(2) of the Customs Licensing Charges Act 1997, that other amount. days in the year means:  (a) if the financial year in which the licence is in force is not constituted by 365 days—the number of days in that financial year; or  (b) otherwise—365. post‑cancellation days means the number of days in the financial year during which the depot licence is not in force following the cancellation of the licence.  (2) If subsection (1) applies and the former holder has paid the depot licence charge in respect of the renewal of the licence for the following financial year, the former holder is entitled to a refund of the full amount of that charge.